Best Buy Co., Inc. (NYSE:BBY) Sees Large Growth in Short Interest

by · The Markets Daily

Best Buy Co., Inc. (NYSE:BBY – Get Free Report) saw a significant increase in short interest during the month of December. As of December 15th, there was short interest totaling 15,930,297 shares, an increase of 33.4% from the November 30th total of 11,941,999 shares. Based on an average daily volume of 4,901,954 shares, the days-to-cover ratio is currently 3.2 days. Approximately 7.6% of the shares of the company are short sold. Approximately 7.6% of the shares of the company are short sold. Based on an average daily volume of 4,901,954 shares, the days-to-cover ratio is currently 3.2 days.

Analysts Set New Price Targets

BBY has been the topic of several recent analyst reports. Truist Financial set a $77.00 target price on shares of Best Buy in a research note on Wednesday, December 17th. Evercore ISI reduced their price target on Best Buy from $85.00 to $80.00 and set an “in-line” rating for the company in a report on Tuesday, December 9th. BNP Paribas Exane lowered their price target on Best Buy from $69.00 to $68.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 26th. JPMorgan Chase & Co. boosted their price objective on Best Buy from $97.00 to $99.00 in a research report on Tuesday, November 25th. Finally, Loop Capital upped their target price on Best Buy from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Nine analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $84.11.

Read Our Latest Analysis on Best Buy

Best Buy Price Performance

NYSE BBY traded down $0.92 during trading hours on Wednesday, hitting $66.91. 2,160,268 shares of the company’s stock traded hands, compared to its average volume of 4,321,904. The company has a market capitalization of $14.02 billion, a PE ratio of 22.16, a PEG ratio of 1.72 and a beta of 1.37. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.05 and a quick ratio of 0.26. Best Buy has a 52-week low of $54.99 and a 52-week high of $91.68. The firm’s 50-day moving average is $75.86 and its 200-day moving average is $73.57.

Best Buy (NYSE:BBY – Get Free Report) last issued its earnings results on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.09. Best Buy had a return on equity of 50.02% and a net margin of 1.54%.The business had revenue of $9.67 billion for the quarter, compared to analysts’ expectations of $9.57 billion. During the same period in the previous year, the firm posted $1.26 EPS. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. Equities analysts forecast that Best Buy will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 6th. Stockholders of record on Tuesday, December 16th will be given a dividend of $0.95 per share. The ex-dividend date of this dividend is Tuesday, December 16th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.7%. Best Buy’s payout ratio is currently 125.83%.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 74,553 shares of Best Buy stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $84.31, for a total transaction of $6,285,563.43. Following the completion of the transaction, the chairman owned 11,451,911 shares in the company, valued at approximately $965,510,616.41. This trade represents a 0.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 1,534,993 shares of company stock worth $126,626,855. 0.47% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Best Buy

Several large investors have recently bought and sold shares of the stock. Wellington Management Group LLP increased its stake in shares of Best Buy by 106.7% during the first quarter. Wellington Management Group LLP now owns 11,744 shares of the technology retailer’s stock worth $864,000 after acquiring an additional 6,061 shares during the period. Trexquant Investment LP purchased a new position in shares of Best Buy during the first quarter valued at approximately $2,757,000. Focus Partners Advisor Solutions LLC boosted its holdings in shares of Best Buy by 191.9% during the first quarter. Focus Partners Advisor Solutions LLC now owns 10,714 shares of the technology retailer’s stock worth $789,000 after purchasing an additional 7,043 shares during the last quarter. Maverick Capital Ltd. boosted its stake in Best Buy by 59.0% in the 1st quarter. Maverick Capital Ltd. now owns 88,633 shares of the technology retailer’s stock worth $6,524,000 after buying an additional 32,880 shares during the last quarter. Finally, EP Wealth Advisors LLC grew its holdings in Best Buy by 2.3% in the first quarter. EP Wealth Advisors LLC now owns 16,632 shares of the technology retailer’s stock valued at $1,224,000 after purchasing an additional 369 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Company Profile

(Get Free Report)

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.

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